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Blue chips and builders drive Kospi to a record

May 23,2007
Seoul’s main stock market climbed to a new record for the second consecutive trading session yesterday. The benchmark Kospi closed at 1,642.88, up 14.68 points, or 0.9 percent.
Index heavyweight Samsung Electronics rebounded 2.4 percent after a five-day drop to close at 565,000 won ($607.53). Analysts said it was helped by the view that the price of dynamic random access memory chips have hit bottom. Chip maker Hynix Semiconductor added 0.9 percent.
Other core blue chips were generally strong, with Posco gaining 2.7 percent and Hyundai Motor climbing 1.8 percent.
But SK Telecom lost 1.9 percent after Woori Investment & Securities Co. said marketing costs would dampen the second-half earnings growth of wireless telecommunication service providers. KTF also fell 1.9 percent.
Builders rallied on the news that the government will soon announce a location and detailed development plans for a new residential town near Seoul. Daewoo Engineering & Construction, Korea’s biggest builder, rose 5.8 percent. Hyundai Engineering & Construction, the second largest, jumped 4.3 percent.
Brokers rode the market upward. Samsung Securities, Daewoo Securities, Woori Investment & Securities and Hyundai Securities each added 4-6 percent.
Advancers beat decliners, 404 to 377. The volume was 521.5 million shares worth 6.3 trillion won.
Unlike the main market, the secondary Kosdaq market rose only marginally after a one-day drop. The index closed at 710.86, up 1.63 points, or 0.2 percent.
The volume was 700.8 million shares worth 2 trillion won. Losing shares led gainers, 553 to 359.
“Investors were disappointed after the Korea Exchange reported Monday that earnings growth of Kosdaq-listed companies in the first quarter was lower than for Kospi-listed firms,” said Jeong Geun-hae of Daewoo Securities.


By Moon So-young Staff Writer [symoon@joongang.co.kr]


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